During a press briefing in Enugu on Monday, Dr. Emmanuel Ezeh, the President of the Ebonyi Chamber of Commerce, Industry, Mines and Agriculture (EBCIMA), highlighted the adverse impact of the abrupt removal of petrol subsidies on the already fragile Nigerian economy. He noted that this hasty decision has led to what economists term “announcement effects,” exacerbating the country’s economic woes.
Ezeh remarked, “The current president promised to continue from where Buhari left off, and he is indeed making efforts to fulfill that promise. However, it’s essential to reflect on the lessons we’ve learned from waiting for competence to emerge. We spent eight years waiting for Buhari’s tenure to end, only to find ourselves facing an even deeper nightmare.”
He continued, “President Tinubu began his administration on somewhat shaky ground, falling into what economists call ‘announcement effects’ with his initial policy moves. While many Nigerians wanted an end to the subsidy conundrum, they also desired a well-thought-out process, shared vision, and collective understanding of the pains involved in reform. Unfortunately, the abrupt removal of subsidies without adequate communication will likely haunt this administration throughout its tenure.”
Dr Emmanuel Ezeh, who is also a prominent member of the Labour Party, has called on President Bola Tinubu to restructure his cabinet to rescue Nigeria’s failing economy.
He warned that unless significant measures are taken, the ongoing suffering could pose a severe socio-political threat to Nigeria’s unity.
“Leadership should involve guiding citizens through the dark nights of necessary reforms. The suffering, tone-deafness of the political class, rampant corruption, and debilitating economic challenges are adversities that may ultimately unite Nigerians,” Ezeh stated.
Addressing the path out of the current economic crisis, Ezeh urged President Tinubu to bring competent individuals into his cabinet. He recommended that such a cabinet should comprise 35 percent technocrats, 45 percent politicians, and 20 percent bureaucrats drawn from every region of Nigeria.
He also proposed the formation of a ‘War Cabinet’ to effectively tackle the current economic crisis.
“Obasanjo faced a completely stagnant economy but rallied the best minds from all walks of life. Within a few years, Nigeria bounced back. We have abundant human and material resources; what we urgently need is a government of national unity,” Ezeh emphasized.
